Qualified Opinions

Dive into a provocative discussion with host Veronique De Rugy, John Cochrane, author of The Fiscal Theory of the Price Level, and Tom Hoenig, a Distinguished Senior Fellow at the Mercatus Center at George Mason University. Veronique and guests challenge the notion of Federal Reserve independence, arguing that independence is not an absolute virtue, but a limited grant tied to obeying strict rules—namely, sticking to inflation and employment. They explore the history of independence, arguing its true purpose is a pre-commitment against the temptation to print money to monetize government deficits. You'll hear why restoring the Fed's limited mandate may be more crucial than its independence alone. Hoenig and Cochrane provide a crucial historical perspective, detailing how the Fed has "failed in many ways and exceeded its authority." Hoenig argues the Fed violated its primary mandate by effectively monetizing massive government debt through quantitative easing and keeping interest rates at zero, enabling increased fiscal spending and resulting in widespread inflation (including asset inflation). The episode draws parallels to the 1951 Fed-Treasury Accord as a past example of reestablishing boundaries. Learn how the current refusal of the Fed leadership to address fiscal policy and the deficit echoes a dangerous pattern, and why the solution must come from Congress being crystal clear about the Fed's limited role.

Scott Lincicome and Donald J. Boudreaux dive into the complexities of the International Emergency Economic Powers Act (IEPA) and its controversial use for imposing tariffs during the Trump administration. They explore the unprecedented shift in presidential trade powers, the balance between executive and congressional authority, and the broader implications for U.S. trade policy. The discussion highlights the economic fallout of tariffs on consumers and small businesses, legal challenges faced, and potential reforms to prevent future abuses of emergency powers.

Today, Brian Albrecht joins Qualified Opinions to discuss his recent writings on tariffs, why economists find them uniquely frustrating, and how simple supply and demand principle still does a remarkable job at predicting the effects of policies. Brian Albrecht is the Chief Economist at the International Center for Law & Economics.

Graduate student unions are on the rise, and they're not like the workers' unions of the 1950s and 1960s—they are something all their own. At the heart of these unions sit many of the issues sending our universities into decay: social justice activism, radical politics, and woke culture. Jon Hartley joins to discuss the battle against these institutions. Jon Hartley is an economist specializing in finance, labor economics, and macroeconomics. He is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, and an Affiliated Scholar at the Mercatus Center. Jon is also the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution

Free market ideas are waning on both sides of the aisle in modern American politics, but the justifications for this sit on shaky ground. In The Triumph of Economic Freedom, Donald Boudreaux and Phil Gramm debunk seven economic myths about American Capitalism. Donald Boudreaux joins the show today to discuss. Donald Boudreaux is a Senior Fellow at the Mercatus Center, Professor of Economics at George Mason University, and one of the most compelling public defenders of free market principles.

Danny Heil, a policy fellow at the Hoover Institution focused on federal budgets, and Tom Church, a fellow studying health care and income inequality, dissect the complexities of the federal budget. They highlight public misconceptions about major expenditures like Social Security and defense, emphasizing the urgent need for fiscal strategy reform. The discussion also tackles fraud in Medicaid and Medicare, the challenges of modernizing payment systems, and critiques the idea of replacing income tax with tariffs, suggesting it could harm the economy.

If you've ever wondered why the federal government is in the business of running your local school district from 3,000 miles away, you're not alone. In fact, the idea that education policy should be dictated by Washington, DC, rather than parents, teachers, and communities was never a given in American life and most of our nation's history. It wasn't fully a reality until 1980, when the Department of Education was established. However, a new Trump administration proposal to eliminate the Department of Education could change this. Lindsey Burke joined the show to discuss the prospect of the federal government taking a backseat in American education and how they took the driver's seat to begin with. As Director of the Center for Education Policy at The Heritage Foundation, Dr. Lindsey Burke oversees Heritage's research and policy on issues pertaining to preschool, K-12, and higher education reform.

When we think of the gig economy, we think of its compartments. We might imagine an Uber driver shuttling people around town, or the DoorDash delivery person who brings us our Chinese food. But is it more complicated than this? Who are the people behind these careers? Are policymakers missing the mark when building legislation around independent workers? Liya Palagashvili joins Veronique to discuss. Liya Palagashvili is a senior research fellow and director of the Labor Policy Project at the Mercatus Center at George Mason University.

From grant cutting to staff firing, the Department of Government Efficiency, or DOGE, has made a lot of noise in recent weeks. But there is another side of DOGE, one committed to deregulation. Joining the podcast today to discuss is James Broughel. Dr. James Broughel is a Senior Fellow at the Competitive Enterprise Institute. Dr. Broughel is an accomplished economist whose expertise lies in regulatory institutions and the impact of regulations on economic growth.

Across the political spectrum, free enterprise is under seige. From the left, we see calls for wealth redistribution, aggressive regulation, and ever-expanding entitlement programs. From the right, we are witnessing growing trade protectionism and government intervention in the economy. Today, we are diving into the most pressing economic issue of our time: the future of free markets in America. Joining Qualified Opinions today is Dr. Samuel Gregg and Richard Reinsch to discuss. Samuel Gregg is the Friedrich Hayek Chair in Economics and Economic History at the American Institute for Economic Research. He has a D.Phil. in moral philosophy and political economy from Oxford University, and an M.A. in political philosophy from the University of Melbourne. Richard M. Reinsch II is editor-in-chief of the Civitas Institute's Civitas Outlook. He was the founding editor of the online magazine Law & Liberty. Before joining Civitas, he was the editor in chief and director of publications of the American Institute for Economic Research (AIER). ‍